StudentShare solutions
Triangle menu

Emerging Issues Task Force (EITF) Related to Accounting for Multiple Exchange Rates - Research Paper Example

Free

Extract of sample
Emerging Issues Task Force (EITF) Related to Accounting for Multiple Exchange Rates

The EITF was primarily intended to reduce the requirement for the FASB to spend time as well as effort addressing application, narrow implementation or other rising issues that can be analyzed within existing Generally Accepted Accounting Standards (GAAS). The various influences of EITF on the GAAS are stated in brief manner. According to EITF, in case of a business, where the period of operating cycle is in excess of twelve months, the extended period should be used for action whereas when no particular operating cycle is defined, then the one year rule should be operated. Moreover, the current liabilities are described as obligations the liquidation of which requires the use of existing resources such as current assets. Assets and liabilities, income and expenses are offsetted only when both the parties repay each other in determinable amounts and when it is accepted by law. Furthermore, EITF states website cost as an intangible asset. Thus, the accounting treatment of website depends on which purpose it is utilized, such as for internal or external use. EITF provides direction for determination of lease of an arrangement. Thus, this shows few of the significant impacts on the Generally Accepted Accounting Standards (GAAS). In an agency relationship, the amount billed to the customers for shipping, handling and reimbursement is classified as revenue in the income statement. These are referred as out of pocket expenses. This also influences GAAS (Thronton, 2007). Principal Issue Related

Check these samples - they also fit your topic

Workplace related issues
Work related issues. Every organization has its own specific mode of running its business and achieving its set target. There are diverse standards of conduct and management practices to make sure that the business makes profit. The management, thus, needs to provide a conducive working environment so that employees can put in their full skills to work and as a result achieve their full potential.
9 pages (2250 words) Research Paper
Task Force Smith (Korean War)
The examination conducted throughout the historical events establishes the reason behind United States of America intervention into the war. ‘Task Force Smith’, is the name commonly used in reference to the war that U.S.A fought and lost to the North Koreans.
10 pages (2500 words) Research Paper
Combined joint task force-horn of Africa
One such effort to combat terrorism was the establishment of a Combined Joint Task Force which was formed to address the issues of terrorism in Horn of Africa.The paper understudy is aimed at giving an overview of this task force and its operations typically in Kenya
3 pages (750 words) Research Paper
Executive Summary of Cyber Crime Task Force Plan
Research needs to be done to understand cyber crime and its impact in the immediate society. The results will be used to establish possible approaches within which will help to make recommendations related to cyber crime. Cyber crime threats in St. Louis County Cybercrime is an important part of the World Wide Web security measures undertaken to prevent unwarranted attack on public information.
8 pages (2000 words) Research Paper
Emerging Accounting Issues
These principles are meant to be formulated to the best interests of the public in relation to the execution of accounting practices in public companies. The FASB recommended the formation of the Emerging Issues Task Force (EITF) in 1984. The EITF was tasked with assisting the FASB in improving financial reporting through discussion, timely identification and resolution of financial accounting issues.
6 pages (1500 words) Research Paper
The Army and Air Force Exchange Service
The housing disaster, poor debt supervision, and an on the whole weak American economy are causes for the declining significance of the US Dollar. The declining dollar takes away from money that customers could be spending at AAFES retail facilities. Additionally inflation has driven up the cost of goods, which is passed on to the consumer in the form of price increase.
11 pages (2750 words) Research Paper
The Impact that regulations, accounting and auditing standards, emerging issues and the business environment have on Ethics
One field in which ethics are applied is in the field of business spanning from accounting to auditing. Ethics and professionalism are currently applied in various organizational settings
3 pages (750 words) Research Paper
Ethical Issues related to the police use of force
The police require training in order to acquire new techniques and get education concerning the use of force. This shows that in some extent, the police need to use force when handling
8 pages (2000 words) Research Paper
Emerging Issues Task Force (EITF) related to Accounting for Multiple Exchange Rates, Issue No. 10B. The most recent information may be found on the FASB Web site at http://www.fasb.org/home. ***Answer 4 questions below
Emerging Issues Task Force (EITF) was formed by FASB to provide appropriate responses to the rising financial issues as it tries to
3 pages (750 words) Research Paper
To Accounting For Multiple Exchange Rates In relation to EITF issue number 10B, the use of multiple exchange rates may not be applicable for an economy where foreign currency matters and provides supervision on the use of a suitable exchange rate for conversion of an entity's operations in a foreign country and remeasurement of its foreign currency transactions. This issue focuses on the accounting implications for entities that function in foreign countries with multiple exchange rates. It is not appropriate to utilize different exchange rates in an economy for the measurement of foreign currency transaction. This signifies that the foreign currency transaction should be translated at a particular applicable rate through which the operation can be settled at the particular date (Deloitte, 2010). If the unusual circumstances are absent then the dividend rate can be used to translate the financial statements of foreign subsidiary. Moreover, based on the conclusions of FASB, it is revealed that the revenue generated from the foreign currency transactions provide a different economic impact than those resulting from translated foreign currency financial statements (FASB Emerging Issues Task Force, n.d). Thus, it is believed that the transaction income directly affects the direct cash flow of the economy. It is also assumed that the use of a specific dividend rate for translating the foreign currency financial statements is much more beneficial than any other rate as the cash flow gets included in the net investment realization of the economy. Conclusively, it can be observed that multiple exchange rates are not beneficial for an economy (KPMG LLP, 2010). Conclusion Reached by EITF Related To the Issue and How It Arrived At This Conclusion The
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Emerging Issues Task Force (EITF) Related to Accounting for Multiple Research Paper”, n.d.)
Retrieved from https://studentshare.net/finance-accounting/51621-emerging-issues-task-force-eitf-related-to
(Emerging Issues Task Force (EITF) Related to Accounting for Multiple Research Paper)
https://studentshare.net/finance-accounting/51621-emerging-issues-task-force-eitf-related-to.
“Emerging Issues Task Force (EITF) Related to Accounting for Multiple Research Paper”, n.d. https://studentshare.net/finance-accounting/51621-emerging-issues-task-force-eitf-related-to.
  • Cited: 0 times

Summary

Emerging Issues Task Force (EITF) related to Accounting for Multiple Exchange Rates, Issue No. 10B Overview An organization was created in year 1984 by the Financial Accounting Standards Board (FASB) to offer support with timely monetary reporting. This resulted in the formation of an advisory group, which evolved into the Emerging Issues Task Force (EITF)…
Emerging Issues Task Force (EITF) Related to Accounting for Multiple Exchange Rates
Read Text Preview
Comments (0)
Click to create a comment
Let us find you another Research Paper on topic Emerging Issues Task Force (EITF) Related to Accounting for Multiple Exchange Rates for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us